What do we need?
What is the six elements required to be considered a complete application?
What is the name of applicant(s), social security number (s), monthly income, address of the property being financed, estimate of the property value and estimated loan amount.
What is the first step in the LE queue to add yourself as the processor?
What is picking the opportunity
Name one trigger for a change of circumstance.
What is a:
- rate lock
-estimated charge to increase (> permitted amount)
- changes to the credit terms
This product is for the purchase of a house and lot/land. If the house/dwelling is 50% or more of the overall value, it is a consumer request.
What is the home purchase product
When do you run the workflow to LO-Credit Decision or CA-credit analyst?
What is after the loan estimate has been sent by docusign or hand delivered to the applicant
What is the additional items Loan Officer must complete during the application process?
Sign the URLA acknowledging the date it was complete
Complete the AML form (certification can be at closing)
Obtain applicant(s) signature on the E-SIGN form
While creating the ACR, what sources are you utilizing for information?
What is the:
- ACA Use only form
- Completed Application
- AML form
How long do you have to get the change of circumstance to the applicant once it has been triggered?
What is 3 business days of the trigger
This product is to finance the purchase of lot/land that will be the future site of their primary residence.
What is the Lot/Land Purchase Product
When do you run the workflow to External Closing?
What is after you sent the final documents to the attorney, should be day prior to closing to meet our SLA
What do we need completed from the loan officer to complete the Loan Estimate?
What is the:
- ACA Use only form
- Completed Application
- AML form
Where do you find the applicant information for young, beginning and small ?
What resource has been provided to help with finding a tolerance cure?
What is the tolerance calculator
This product is to refinance existing house/lot loans, which may be existing ACA loans or other lender loans. It also may be used for equity/cash out for home improvements and other consumer purposes.
What is the Home Refinance or Equity Cash Out Product
When do you order the flood, appraisal and title?
What is when the loan has been decisioned as approved, or receive approval from LO
What are the keys to creating the closing disclosure?
What is the confirmed closing date, proof of insurance and rate lock
In the Loan Estimate creation process, when is the Patronage Pool Code selected?
What is in Credit Delivery
If we miss our time frame on getting the LE out to the applicant, what is the result?
What is a tolerance cure
This product is for the construction of a residential dwelling. This is a variable rate product for the construction financing only and permanent financing will be sought with another transaction.
What is the Construction only product
If an appraisal delivery is required for the applicant, when does the applicant have to view the appraisal by?
What is 3 business days prior to closing
What does the loan officer provide that gives us the green light to order flood, appraisal and title?
What is the loan decision- approved, or communication to proceed prior to approval
When the LE is complete, what is your next steps in the process/workflow?
What is completing the credit prep/LE checklist and send LE email to LO for approval
If an appraisal fee is under section B on the LE, but moved to section A on the CD due to internal appraisal, is this a cure?
This product is a consumer fixed rate loan product that enables the applicant to lock in a fixed rate at the beginning of construction and keep that rate through the life of the loan.
Hint:
This is a "Pilot" product.
What is the Term Fixed Rate Construction
AgCarolina C2P
Once you complete your Credit Prep/LE, Pre-closing and booking checklist, what do you have to do prior to adding to DocHub?
What is via PDF stamp and add to DocHub